I have an IVA amounting to £8,249. Original payments were for £90 per month but after two years, I successfully gained full-time employment. The payments went up to £329 per month. The IVA was extended because I could not make a one-off payment of over £1500. So, by the time my IVA is finished in 18 months I will have paid £14,000. I understand that there are fees etc, but it seems odd that a service to assist with debt will end up with a person paying back a substantial amount over the original figure than they borrowed. I think in this situation it may be best if I cancel the IVA and pay the creditors directly.

This is always a risk if your circumstances improve -- however, if you had kept up your contractual payments on the debts you would have to pay a lot more than the amount borrowed to clear the debt. If you cancel the IVA now you will have to pay back lost interest and fees and the debt will rise anyway.

On the debt you mention, to clear 100% including fees and statutory interest would take around £14250 --- when you hit that figure the IVA will complete, unless it goes full term beforehand.